MANAGEMENT

Detailed explanation-1: -One way that marketers look at consumer behavior is by analyzing demographics. Knowing statistics such as age, income and education level can help predict behavior. For example, a 2022 survey of buyer preferences found that millennials respond best to word-of-mouth recommendations.

Detailed explanation-2: -Advertising works by creating a pattern of associations that elicit an emotional connection or response in the intended audience, ultimately influencing the consumer’s purchasing decisions, often in an unconscious way.

Detailed explanation-3: -There are four types of consumer behavior: habitual buying behavior, variety-seeking behavior, dissonance-reducing buying behavior, complex buying behavior. Consumer behavior types are determined by what kind of product a consumer needs, the level of involvement, and the differences that exist between brands.

Detailed explanation-4: -Predictive modeling uses statistics and known results to process and create models that can be used to predict future outcomes, within reason. As predictive modeling becomes more cost-effective and readily available, customers demand forward-thinking experiences that lead to better decisions and actions.